It’s truly amazing to me how Switzerland continues to thrive as an offshore haven despite the number of incidences where Swiss Bankers have caved in under pressure from foreign governments who pressure them for customer information. There was a time when the privacy of a Swiss Bank was second to none and now we have the latest:
The veil of Swiss banking secrecy is quietly being lifted — by Switzerland. Switzerland’s tax authorities, under pressure from a growing United States investigation into the Swiss bank giant UBS, are expected to hand over confidential data on wealthy American clients of UBS to the Justice Department, two people briefed on the matter said Tuesday.
From the NY Times article: Swiss Said to be Sharing Client Data in Tax Case